Social housing development in 2021-2025 requires over 9.6 billion USD
Vietnam needs an estimated 220 trillion VND (9.6 billion USD) to build about 294,600 units of social housing for low-income earners in urban areas and industrial parks in the 2021-2025 period, according to the Ministry of Construction.
Hanoi (VNA) –Vietnam needs an estimated 220 trillion VND (9.6 billion USD) to buildabout 294,600units of socialhousing for low-income earners in urban areas and industrial parks in the 2021-2025 period, according to theMinistry of Construction.
Notably, low-income people in urban areas needs about 131,100units with a total investment of about 138 trillion VND.
According to Deputy Minister of Construction Nguyen Van Sinh, thereare 266 social housing projects with more than 142,000 units acrossthe country, totalling more than 7.1 million square metres.
Another 278 projects with 274,000 units and a total area of 13.8 million sq.m are under development.
According to the ministry, policies forhousing development for workers have yet to be mapped out. They are included inthe policies for social houses.
Additionally, some localities have not paid much attention toformulating plans to develop social housing projects, especially for workers.
Inthe 2016 – 2020, over 2.16 trillion VND out of 9.24 trillion VND were distributedto the Bank for Social Policies for implementing the social housing policy.
Meanwhile, credit institutions including four commercial banksdesignated by the State Bank of Vietnam have not yet been allocated capitalsources to compensate interest rates for social housing loans.
Compared to the capital plan for social housing development by2020, the budget allocated for social housing development is still short of over7 trillion VND in this period.
The Ministry of Construction has proposed thePrime Minister include a 65 trillion VND credit package in a programmeto support post-pandemic socio-economic recovery and have mechanisms for social housing development, especially for workers in industrial and export processing zones.
To realise these goals, the Ministry of Construction suggested People'sCommittees of provinces and centrally-run cities coordinate with the ministry inreviewing and giving opinions on beneficiaries and conditions, and making a listof projects eligible for loans in accordance with regulations.
Priority will be given to investors of social housing projectsthat have been implemented but delayed due to lack of capital.
The ministry also urged the Government to propose theNational Assembly add social housing projects, including those to develop homesfor workers in industrial parks, to the mid-term public investment plan in the2021-2025 period.
According to the ministry, the additionalcredit package aims to ensure "dual goals" of socialsecurity and housing for the disadvantaged while promoting economic recoveryand development and removing difficulties for businesses in terms of housingdevelopment and the real estate market./.
Ho Chi Minh City is expected to need an additional 160,000 social housing apartments in the next decade to meet its rising population and demand for affordable housing, according to the city’s Department of Construction.
Vietnam has 513 social housing projects for workers, 249 of which with 5.2 million sq.m of floor area are completed, or 41.7 percent of the plan, according to figures from the Ministry of Construction.
The supply of affordable housing for low-income earners in urban areas and industrial park workers has only met around 42 percent of the target, Bui Xuan Dung, Director of the Ministry of Construction’s Housing and Real Estate Market Management Agency, told a recent workshop.
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